Your client has a list of 4 pages of "cash" deductions, most of which are under $250, but add up to collectively over $5,000.00 Only some of the cash donations above $250 have receipts and others do not. Your client has also mentioned that $3,000.00 worth of clothes was given to the Salvation Army and only has the donation receipt, but nothing else. What is your advise for such donation? Read Publication 526 - Page 8 & 10. Your client has donated their time 100 hours in during the year to a food bank. Is this something that can be deducted if a dollar value per hour is given? Your client is also considering donating an old car to their local church. What is your advise?
Your client has a list of 4 pages of "cash" deductions, most of which are under $250, but add up to collectively over $5,000.00 Only some of the cash donations above $250 have receipts and others do not. Your client has also mentioned that $3,000.00 worth of clothes was given to the Salvation Army and only has the donation receipt, but nothing else. What is your advise for such donation? Read Publication 526 - Page 8 & 10. Your client has donated their time 100 hours in during the year to a food bank. Is this something that can be deducted if a dollar value per hour is given? Your client is also considering donating an old car to their local church. What is your advise?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Your client has a list of 4 pages of "cash" deductions, most of which are under $250, but add up to collectively over $5,000.00
Only some of the cash donations above $250 have receipts and others do not.
Your client has also mentioned that $3,000.00 worth of clothes was given to the Salvation Army and only has the donation receipt, but nothing else.
What is your advise for such donation? Read Publication 526 - Page 8 & 10.
Your client has donated their time 100 hours in during the year to a food bank.
Is this something that can be deducted if a dollar value per hour is given?
Your client is also considering donating an old car to their local church.
What is your advise?
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